Houston housing inventory falls amid slowing sales

According to a report from California-based ZipRealty, despite a slower rate of home sales, the number of available Houston listings has continued to fall.

According to the report, the number of Houston MLS listings in October was just over 34,000, a 3.1 percent decline compared to the number at the start of the month.

However, in order to make those sales, some home sellers were forced to make significant price cuts to their homes in order to get them to move. The report also said that 44.5 percent of homes carried at least one price reduction.

The decrease in listings goes against traditional seasonal trends. The Wall Street Journal reports that data from the research firm Zelmand & Associates showed that October listings have averaged a jump of 0.8 percent per year since 1982.

However, the reduced number of available homes has also been countered by home sales rates that continue to lag behind last year's levels - creating a somewhat bloated housing inventory that favors buyers over sellers. According to the Houston Association of Realtors, the supply of homes in the Houston real estate market was 7.7 months - the same level it had in July.